EURCAD short call

Here is another Forex Trading Snack.

EURCAD is offering a good EW 5 wave setup on the hourly chart. Will comment more, but things are moving somewhat and I’m still setting things up on this. As we head into market mode before NFP on Friday I’m suspecting some pull backs till news release.

If you decide to trade this you assume all risk.
If you trade you either make dust or you eat dust.
All the best.

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Just took a small bit short on this idea at 1.4625
It is active now.

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Still managing the trade. I did manage to add to the original and with ISM numbers all in on the price action. I suspecting the market to grind lower into NY close or a bit more into Asia trade.

I’ve said in part in PM’s that if the price went to new days high I’d lean into it. Which is true. I’ve got open orders close to the 1.4700 area to do just that.

I still see it as a Elliot Wave pattern and I believe it to have made or very close to it’s 5 wave top. This is why I’m looking to still add if we get a chance to. According to my trading statistics this pattern has a better then 60% conviction rate in my opinion.
If your trading along, please note that you are doing so at your own risk and that I make no promises if out comes.

My current view shows a red box. Just for clarity, my red boxes are my buy or in this case sell zones, and stops should be set accordingly to your own risk tolerances and above or below that red box zone depending if it’s a buy or a sell trade setup.
Wishing you all the best.
I will post up my management of the trade as it happens. So stay tuned lol.

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As I suspected the top is in. I don’t see any moves up to that top push after the ISM. Was able to add positions on in such a way that average price is 1.4645 although looking now to see it test the 1.46000 level where I will take 1/2 off the table but will still be looking to re-add more above my average entry’s.. I’m also reducing stops to just above those highs. The market is never wrong! So if it wants to run up and grab my stops I need to be prepared for a worst case what if, and have a plan to act accordingly. On looking for a tad bit more after taking some profits is just a play on my belief that it could bounce yet to test buyers resolve if they will be willing to still buy in-front if NFP. I suspect there is more traders who are willing to take some profits in front of NFP rather then ride it out. In that case we just keep drifting lower and it becomes a traders choice as how to trade that drift. If I can lock in 40-60 pips after I’ve taken some off around the 1.4600 I’m inclined to allow the rest ride it out in NFP. But let’s not get ahead of current price action.
All the best everyone. Let’s make dust!
Because dust doesn’t taste good! Lol

Up date to current chart....

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It is NFP Friday and do not want to hold during this news release. Took a very small profit off the hourly lows. I still like the pattern but I just can’t take the risk of holding it through this repost.